All was ready to complete my purchase in Needham Market next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What risks does the lender expect the insurance to cover?

All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Needham Market.

I purchased a freehold house in Needham Market but still invoiced for rent, why is this and what is this?

It’s unusual for properties in Needham Market and has limited impact for conveyancing in Needham Market but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.

Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.

My wife and I are spending time looking at houses in Needham Market and I am now considering a potential offer. Should I already have a conveyancer in place at this stage? I intend to finance via a home loan with Clydesdale.

It would be sensible to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are getting a mortgage with Clydesdale, make sure you remember to check that your lawyer is on the Clydesdale conveyancing panel.

I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Needham Market bank branch on numerous occasions and was advised it wasn't an issue and they will lend. My Needham Market conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.

Provided that the conveyancing practitioner is on the bank approved list, she or he must comply with the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.

Intending to buy a house in Needham Market. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.

They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Needham Market solicitor is on the TSB conveyancing panel.

Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Needham Market is the location of the property. Is there any advice you can give?

Flying freeholds in Needham Market are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Needham Market you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Needham Market may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

I have just started marketing my basement flat in Needham Market. Conveyancing has not commenced, but I have just received a half-yearly service charge invoice – should I leave it to the buyer to sort out?

It best that you discharge the invoice as normal as all ground rent and maintenance charges should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I inherited a 1st floor flat in Needham Market, conveyancing having been completed June 2011. How much will my lease extension cost? Corresponding properties in Needham Market with over 90 years remaining are worth £260,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2099

You have 74 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus legals.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.